Unilever Ventures sells BAC to Life Technologies


Unilever Ventures, the Venture Capital arm of Unilever, has sold its stake in BAC BV to NASDAQ-listed Life Technologies Corporation in a deal advised on by Clearwater Corporate Finance.

Unilever Ventures invested in Netherlands-based BAC in 2002, after spinning the technology out from the Unilever Vlaardingen R&D facility in the Netherlands. In 2005 BAC completed a Series A Investment round led by Unilever Ventures and FF&P Private Equity.

BAC is a leader in the discovery, development and manufacture of protein purification products. Life Technologies is a global biotechnology business with revenues of $3.7billion in 2011. The acquisition will expand Life Technologies capabilities and product offering in the growing market of biopharmaceutical research and manufacturing.

The team at Clearwater comprised of Partner Phillip Nuttall and Senior Healthcare Analyst Ramesh Jassal, with support of Director Nick Horrocks, who advised Unilever Ventures on the sale.

Philip Nuttall said: “This deal is the second cross border sale on which we have advised Unilever Ventures in the last 13 months. Both transactions involved the disposal of a business with low revenues but with recently developed intellectual property and knowhow, to global strategic purchasers.”

Ramesh Jassal said: “This acquisition will help expand Life Technologies product offering in downstream processing, complementing its upstream capabilities and providing a one stop solution in biopharmaceutical processes.The technology also gives Life the option to develop products for clinical, diagnostic and general research applications“

Andrew Lane, who represented Unilever Ventures on the board of BAC, said: “We want to congratulate CEO Laurens Sierkstra and the entire BAC team for what they have achieved. We are delighted to have invested in such a fantastic company and we wish them every success in the future.”